Common use of Obligations to be Guaranteed and Secured Clause in Contracts

Obligations to be Guaranteed and Secured. 1. Subject to paragraph (A) above, the obligations to be guaranteed and secured are the First Priority Notes Obligations. The liens and Guarantees are to be granted in favor of the First Lien Collateral Agent on behalf of each Secured Party (or equivalent local procedure and unless otherwise necessary in any jurisdictions). 2. Where appropriate, defined terms in the First Lien Collateral Documents should mirror those in the Indenture. 3. The parties to the Indenture agree to negotiate the form of each First Lien Collateral Document in good faith in a manner consistent with these Agreed Guarantee and Security Principles. The form of Guarantee with respect to any Non-U.S. Notes Party shall be subject to any limitations as set out in the joinder, supplement or other Guarantee applicable to such Non-U.S. Notes Party as may be required in order to comply with local laws in accordance with these Agreed Guarantee and Security Principles. 4. The liens granted by any Non-U.S. Notes Party in favor of the First Lien Collateral Agent on behalf of each Secured Party shall, to the extent possible under local law, be enforceable only after the occurrence of an Event of Default that is continuing.

Obligations to be Guaranteed and Secured. 1. Subject to paragraph (A) above, the obligations to be guaranteed and secured are the First Second Priority Notes Obligations. The liens and Guarantees are to be granted in favor of the First Second Lien Collateral Agent on behalf of each Secured Party (or equivalent local procedure and unless otherwise necessary in any jurisdictions). 2. Where appropriate, defined terms in the First Second Lien Collateral Documents should mirror those in the Indenture. 3. The parties to the Indenture agree to negotiate the form of each First Second Lien Collateral Document in good faith in a manner consistent with these Agreed Guarantee and Security Principles. The form of Guarantee with respect to any Non-U.S. Notes Party shall be subject to any limitations as set out in the joinder, supplement or other Guarantee applicable to such Non-U.S. Notes Party as may be required in order to comply with local laws in accordance with these Agreed Guarantee and Security Principles. 4. The liens granted by any Non-U.S. Notes Party in favor of the First Second Lien Collateral Agent on behalf of each Secured Party shall, to the extent possible under local law, be enforceable only after the occurrence of an Event of Default that is continuing.